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Trade is not the problem, but part of the solution of the Covid-19 crisis | Economico Daily

Trade is not the problem, but part of the solution of the Covid-19 crisis | Economico Daily

One of the things this crisis has taught us is that we are dangerously dependent on global supply chains for our medicines, such as penicillin, our medical supplies, such as masks, and our medical equipment, such as respirators, said the influential adviser to US President Donald Trump, Peter Navarro.This view is tempting for protectionists. But he is wrong. The lesson of the crisis is to be better prepared. Self-sufficiency in “basic products” would not be a good way to achieve this. On the contrary, it would be a costly mistake.Attacks on cross-border supply chains should not be seen in...

economicodaily.com
June 29, 2020
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Big Foods are no less important than Big Tech | Economico Daily

Big Foods are no less important than Big Tech | Economico Daily

Big Food (biggest food companies) is moving fast towards overtaking Big Tech as the most politicized business in the world. Few things are more important than agricultural production, but food security is a term that until recently was used only in developing countries.The coronavirus pandemic has now revealed the vulnerability of highly concentrated food supply chains. In the United States, this has led to calls for antitrust action. A federal judge recently gave a big warning shot by issuing a rare prison sentence to the former CEO of Bumble Bee Food for the tuna price-fixing scheme. The...

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June 29, 2020
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The current generation of students will lose 10 trillion USD from the pandemic | Economico Daily

The current generation of students will lose 10 trillion USD from the pandemic | Economico Daily

The current generation of students is at risk of losing 10 trillion USD in the coming years due to the pandemic closure of schools, warns the World Bank.The calculation is based on the assumption that schools have remained closed for five months, the World Bank said in a report published on Thursday. The virus left 1.6 billion students out of school at the height of the blockade in April. Nearly 7 million students could drop out of primary and secondary school as a result of the shock of the pandemic, the bank said.The combination of leaving school and the loss of a family’s livelihood due...

economicodaily.com
June 19, 2020
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Governments must allow people to participate in the recovery | Economico Daily

Governments must allow people to participate in the recovery | Economico Daily

Governments around the world are running time machines, borrowing from future growth, and spending in the present to compensate for the economic damage caused by the Covid-19 pandemic. France and Germany, for example, have offered a 500 billion EUR aid package, while in the UK the Office of Budget Accountability expects the Treasury to need an additional 300 billion GBP to support life-saving business support.But simply shifting the burden of private debt to the public balance sheets of future generations will not be enough to escape the crisis completely. It would be better for governments...

economicodaily.com
June 16, 2020
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Germany’s new debt could rise to 218 billion EUR | Economico Daily

Germany’s new debt could rise to 218 billion EUR | Economico Daily

Germany’s new debt will rise to 218 billion EUR this year, according to the Bundestag member Eckhardt Rehberg, as Berlin developed a record package of incentives to combat the effects of the coronavirus pandemic.The plan to take on more debt underscores the large-scale fiscal shift in Germany by a disciplined approach to spending on one of the Eurozone’s largest investors in countering the pandemic’s economic impact.The country has reduced its debt from more than 80% of gross domestic product since the 2008 financial crisis to about 60%, allowing it to borrow more.“With the introduction of...

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June 16, 2020
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The EU rescue fund will be profitable for bond investors | Economico Daily

The EU rescue fund will be profitable for bond investors | Economico Daily

European bond buyers are currently trapped between highly unpredictable changes in sentiment on higher-coupon government debt, such as that of Italy and Greece, and top-rated German government securities with negative yields. But salvation is on the horizon – both for bond fund managers and for our pensions.Profit-hungry investors are on their way to a feast in the coming years, as the European Union’s pandemic response creates a significant increase in a type of high-quality securities offering more returns than lending to Germany.The European Commission is trying to get Member States to...

economicodaily.com
June 17, 2020
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Italy raises spending by 10 billion EUR | Economico Daily

Italy raises spending by 10 billion EUR | Economico Daily

Italian Prime Minister Giuseppe Conte is likely to seek parliamentary approval for about 10 billion EUR in additional spending. This will be Conte’s next step in trying to revive one of Europe’s most vulnerable economies.The additional funds will extend Italy’s budget deficit this year to 11% of its gross domestic product (GDP) from the current level of 10.4%.The funds will help to finance the government’s program, a guarantee fund for small and medium-sized companies, resources for cities and regions, and the European Union (EU) initiatives.Already burdened with one of the highest...

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June 17, 2020
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The V-shaped economic recovery is coming | Economico Daily

The V-shaped economic recovery is coming | Economico Daily

Last week, thousands flocked to Bournemouth Beach, a popular spot in the south of the United Kingdom. They basked in the sun close to each other, had a picnic, swam, drank, played, and left many tons of garbage behind. Local authorities, panicked by the potential proliferation of Covid-19, said they were “absolutely appalled by the irresponsible actions of so many people” and immediately issued 558 fines for improper parking.However, there is another way to look at this, as well as the crowded beaches in the United States. Both are less likely to portend a future disaster than a sign of...

economicodaily.com
June 30, 2020
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Coronavirus will hit severe developing countries | Economico Daily

Coronavirus will hit severe developing countries | Economico Daily

Covid-19 is the worst peacetime shock to the world economy in a century. Moreover, this recession is the first since 1870 caused by a pandemic alone. Both observations come from the World Bank’s excellent Global Economic Outlook. They illustrate the scale of the damage, there could never have been a greater need for an ambitious and joint response, but these qualities are unfortunately lacking.One of the remarkable conclusions of the World Bank’s report is the scale of uncertainty about what lies ahead. We know that we are in the midst of an extraordinary global economic contraction. We do...

economicodaily.com
June 21, 2020
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German consumer sentiment is improving for the second month in a row | Economico Daily

German consumer sentiment is improving for the second month in a row | Economico Daily

Consumer sentiment in Germany is recovering from the effects of the coronavirus thanks to the rapid restart of the local economy. Both economic expectations and income expectations and consumption tendencies are increasing. As a result, GfK forecasts a level of consumer sentiment of -9.6 points for July 2020, which is 9 points higher than the value of the indicator in June this year or -18.6 points.Consumers are increasingly recovering from the shock, which led to an unprecedented drop in sentiment in April. This means that consumer confidence is rising for the second month in a row. As a...

economicodaily.com
June 29, 2020
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